Crane wins EU approval for $820 mln MEI Conlux purchase

BRUSSELS, July 19 (Reuters) - U.S. diversified manufacturer
Crane secured EU regulatory approval on Friday for its
proposed $820 million acquisition of MEI Conlux Holdings after
pledging to sell assets and products in Canada and Germany to
ease competition concerns.

Crane unveiled the deal, its third in six years, in December
last year which will strengthen its presence in machines that
can handle money through automated mechanisms in retail outlets,
gaming markets, transportation centres and vending outlets.

The company offered to divest a coin changer product line
made in Germany by its subsidiary National Rejectors and a
banknote recycler and acceptor product line made in Canada by
another unit CashCode, the European Commission said.

The proposal came after a preliminary investigation showed
the merged company would have very high market shares in Europe
in specific areas, the Commission said in a statement.

"Crane also committed not to close its proposed acquisition
of MEI before concluding a binding agreement for the sale of the
divestment businesses to a suitable purchaser approved by the
Commission," the EU competition authority said.